Lifetime Brands net loss widens

Garden City-based Lifetime Brands widened its second quarter net loss to $6.1 million from $2.1 million a year ago, even as net sales rose to $148.7 million from $117.4 million a year ago.

The firm’s gross margin was $52.1 million, or 35.0 percent, compared to $42.8 million, or 36.5 percent a year ago.

Losses from operations widened to $3.3 million from $3.1 million a year ago as the firm continued to integrate Filament Brands into its business.

CEO Rob Kay said the firm expects to surpass our original goal of realizing $8.1 million in annualized synergy savings from the combination.

“We are now on track to realize $10.0 million in savings annually,” Kay said, noting the firm expects to see $2 million in savings this year and $10 million as of 2019. “This timing is consistent with our previously announced plan.”

Kay said he believes “the combination of Lifetime and Filament to be transformational, with progress becoming evident in the second half of this year and becoming more meaningful in 2019.”

In addition to seeking savings in operations, he said the firm is “working hard to evaluate and reposition our product portfolio as well as enter growth categories.”